Coronavirus: White House, Senators strike deal on $2-trillion stimulus package

WASHINGTON: The Trump administration struck a deal with Senate Democrats and Republicans on an historic rescue package with more than $2 trillion in spending and tax breaks to bolster the hobbled US economy and fund a nationwide effort to stem the coronavirus.

“At last we have a deal,” Senate Majority Leader Mitch McConnell said early Wednesday on the chamber's floor. “I’m thrilled that we’re finally going to deliver to the country.”
Senate Democratic leader Chuck Schumer, who engaged in marathon negotiations with Treasury Secretary Steven Mnuchin, called it an “outstanding agreement”. The legislation was still being drafted and there were few details on all the provisions agreed to, especially related to the specific terms of the bailout and loan terms for companies.

Lawmakers are awaiting a final text of the bill ahead of a vote that McConnell promised would be held later Wednesday.

It would still have to pass in the House before it gets to President Donald Trump’s desk. House Speaker Nancy Pelosi, who had consulted with Schumer throughout the negotiations, has previously indicated she would act to move the bill quickly.

“This bipartisan legislation takes us a long way down the road in meeting the needs of the American people,” Pelosi said in a statement Wednesday. “House Democrats will now review the final provisions and legislative text of the agreement to determine a course of action.”

The outline of the plan includes about $500 billion that can be used to back loans and assistance to companies, including $50 billion for loans to US airlines, as well as state and local governments. It also has more than $350 billion to aid small businesses. Then there is $150 billion for hospitals and other health-care providers for equipment and supplies.

For individuals the package provides direct payments to lower- and middle-income Americans of $1,200 for each adult, as well as $500 for each child. Unemployment insurance would be extended to four months, the benefits would be bolstered by $600 weekly and eligibility would be expanded to cover more workers.